A young person decides to put aside some money for retirement by putting $1,000 in a 30-year savings bond that pays 3.0% simple
interest per year. The interest compounds. How much money will the person have after 30 years?
1 answer:
Answer:
2427.26 $
Step-by-step explanation:
Just use this formula when you have such type of problems:
N = N° (1 + %)^t
Where N = final amount
N°= initial amount
t = peroid of time
Now let's solve:
N = 1000(1 + 0.03)^30
N = 2427.26
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